Trust accounting is one of the most onerous law firm tasks. Errors, even unintentional ones, can be damaging to attorneys and firms. No one wants that. So let’s dive right into the top mistakes lawyers can make with trust accounting, tips for avoiding those mistakes, and best practices to ensure your firm protects its reputation and doesn’t become a cautionary … Read More
Mid-Year Check-In: Have You Implemented These Four Legal Accounting Best Practices Yet?
Taking stock of your accounting isn’t just an end-of-year task—it’s a vital process that provides valuable insights into the health of your law firm. To run profitable practices, you need to be aware of your law firm’s year-round financial standing. Engaging in a mid-year accounting check enables you to have a solid understanding of exactly where your firm stands, so … Read More
Back to Basics: Legal Accounting vs. General Accounting
When it comes to keeping accurate records of your law firm’s accounts, it’s essential to make sure you’re using tools for the job that give you a clear picture of your firm’s performance and meet your legal, regulatory, and ethical requirements. Many firms, however, use outdated accounting methods or an assortment of industry-agnostic tools that don’t account for the unique … Read More
Avoid These Common Billing and Collection Inefficiencies (and Increase Your Cash Flow)
Money makes the world go ‘round—and that includes law firms. And that’s why billing and collection processes are a critical aspect of running a law firm of any size. Yet many small law firms and solo practices struggle with billing and payments because they operate with fewer resources than their larger counterparts. The result? Inefficient workflows and cash flow problems. … Read More
QuickBooks vs. CosmoLex: Keeping Eyes on Your Business Health with Advanced Reporting
Reporting is an integral part of maintaining any business’s financial health. Running financial reports helps businesses determine whether they’re pricing goods and services accurately and gives them insights into which future business decisions could be most profitable. Detailed reports are often required for businesses to prepare for an audit or when taxes are due. And for law firms, producing specific … Read More
What Is Legal Process Automation?
Most attorneys can cleanly split their work week up into two sets of tasks: billable items like research or arguing cases in court, and non-billable tasks including generating invoices and following up on client emails. Completing non-billable administrative tasks is necessary for firms to function, but these time-consuming items can decrease revenue potential and boost costs. What if there were … Read More